AltVest Capital, a South African-listed investment holding company, has revealed plans to add Bitcoin to its treasury reserves as more entities across Africa explore this strategy.
This trend reflects a broader acceptance of cryptocurrency as a legitimate asset class driven by the potential for high returns and a hedge against inflation. In December 2024, the Kenya National Fire Brigades Association (KENFIBA) became the first labor union in Kenya, and among the first on the continent, to adopt a Bitcoin reserve.
🇰🇪MILESTONE | The Kenya Fire Brigade Association (KENFIBA) Adds #Bitcoin to Balance Sheet
(KENFIBA) has become the first labor union in the country to adopt a Bitcoin reserve, says @workforcebtc https://t.co/wq3cDwI2dg #ABC24 @AfroBitcoinOrg pic.twitter.com/n7qd70hLDA
— BitKE (@BitcoinKE) December 12, 2024
As an initial step, AltVest, through its fully owned subsidiary, AltVest Bitcoin Strategies, has purchased 1.00464 Bitcoin for R1.81 million ($98,491) as part of what it calls its ‘long-term treasury management strategy.’
“This initiative is focused on preserving shareholder value, mitigating currency depreciation risks and gaining exposure to a globally recognized store of value,” Altvest said in a statement to investors.
This move mirrors a decision made years ago by MicroStrategy (now Strategy) CEO, Michael Saylor, to invest substantial funds in Bitcoin for the company’s treasury. As of February 10 2025, Strategy held 478,740 Bitcoins, valued at an astonishing $47 billion at the time.
According to Altvest, its decision to invest in Bitcoin is driven by the cryptocurrency’s ‘unique and proven’ qualities. These include its:
- Fixed supply (capped at 21 million)
- Decentralized nature
- Rising institutional adoption
- High liquidity and security, and
- Increasing regulatory recognition both in South Africa and worldwide
Following the announcement, Altvest’s share price remained steady at R6.50 ($0.35) shortly after markets opened in Johannesburg on February 21 2025.
“The board of Altvest has conducted a comprehensive risk assessment and determined that bitcoin aligns with Altvest’s alternative asset investment philosophy. It offers long-term growth potential while serving as a hedge against macroeconomic risks, particularly the depreciation of the Rand.
Additionally, Altvest has implemented a structured risk management framework to monitor and optimise Bitcoin exposure in line with treasury objectives,” the company said.
The company said that, for now, it has no plans to invest in cryptocurrencies other than Bitcoin.
“Altvest will continue to evaluate market conditions and technological advancements but currently views Bitcoin as the only digital asset that meets its strict investment criteria for a long-term treasury allocation.
It is the only truly decentralised, scarce and globally recognised digital asset that aligns with Altvest’s investment philosophy. We see Bitcoin as a strategic reserve asset that enhances our treasury portfolio while providing a hedge against economic instability and currency depreciation.”
Altvest’s board is led by prominent South African tech entrepreneur and self-proclaimed ‘Bitcoin maximalist’ Stafford Masie, who has also been advocating for Bitcoin to be included in the country’s strategic reserve.
However, such a move remains unlikely and has been criticized by the country’s Central Bank Governor, Lesetja Kganyago, indicating that bitcoin made no more sense as a reserve asset than beef or apples.
🇿🇦BITCOIN | ‘I Have a Problem with a Lobby that Says Government Should Hold #Bitcoin,’ Says South Africa Central Bank Governor
According to Reuters, the crypto industry invested over $119M to advance legislation favorable to the sectorhttps://t.co/SiP2xQYmWs @SAReserveBank pic.twitter.com/wg0btW5TGO
— BitKE (@BitcoinKE) January 22, 2025
Kganyago also criticized the crypto industry’s efforts to sway financial regulation, warning that such actions could lead to ‘regulatory capture.’
Altvest said:
“Altvest Capital will continue to monitor its bitcoin holdings in response to market conditions, regulatory developments and its overarching investment strategy.
The company remains committed to responsible and transparent capital allocation, ensuring all investments align with its mission of alternative asset exposure for long-term value creation.”
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